. >> defense is a big part of southern california economy. cuts would affect there. >> this afternoon the speaker of the house delivered the g.o.p.'s proposal reducing national debt by $2.2 trillion. including new tax revenue but leading cuts for the top 2% in place. today the president ignored reporter questions about that republican plan but later in a statement the white house rejected it. abc 7 news believes a deal will be struck about the deadline, it will be the republican that's give ground. >> i think this time around, obama learned from his past mistakes and importantly, advantage that if he does nothing he's in better shape than republicans oor professor cane says congressional republicans holding middle class cuts hostage in order to force the president's hand. the problem is the g.o.p. cannot afford to carry out that threat and they're blamed for raising everyone's taxes in order to protect the rich and put republican party in a dark hole. >> mark, thank you. >> on wall street today, stock prices fell on concern the deficit deadlo